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LONDON, July 4 (Reuters) - U.S. manufacturers reported another widespread decline in business activity during June, which continued to weigh down industrial energy consumption and prices. Chartbook: U.S. industrial energy useThe forward-looking new orders component rose to 45.6 (9th percentile) in June up from 42.6 (6th percentile) in May but was still down from 49.2 (19th percentile) a year ago. ENERGY CONSUMPTIONIndustrial energy consumption is closely correlated with the manufacturing and freight cycle. Softness in diesel and electricity consumption is consistent with the moderate but persistent downturn in manufacturing evident in ISM surveys since the middle of 2022. It has helped take some of the pressure off diesel and electricity supplies and reversed the previous upward trend in prices.

Persons: John Kemp, David Holmes Organizations: Institute, Supply, Business, Institute for Supply Management, Manufacturers, U.S . Energy Information, Thomson, Reuters Locations: U.S, United States, doldrums

And while Biden’s growing list of Republican challengers differ on many issues, when it comes to the economy, they’re in agreement that Biden failed. In addition, a tight labor market has left many small businesses with ongoing hiring difficulties. Here’s what Biden can take credit for – and what he can’t. In other aspects, the labor market certainly had a boost from Biden’s fiscal policies. Since then, the American workforce has consistently outpaced the pre-pandemic workforce.

Persons: Joe Biden, “, ” Biden, Biden, Jerome Powell, ”, Ben Bernanke, Olivier Blanchard, It’s, it’s, let’s, That’s Organizations: DC CNN, Wednesday, Federal Reserve, –, Congress, American, Manufacturers, Treasury Department, P Global, Institute for Supply Management, Bureau of Labor Statistics, Republicans, Fed, International Monetary Fund, Brookings Institution, Biden, European Central Bank, Federal Reserve Bank of New Locations: Washington, Chicago, American, United States, Ukraine, Federal Reserve Bank of New York

☆ U.S. manufacturing jobs are coming back home — and these industrials stand to gain
▼ + stars: | 2023-06-22 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

The Club's industrials are set to profit from a burgeoning trend of companies bringing manufacturing jobs back to the U.S. from overseas. As companies reconstruct supply chains in the wake of the Covid-19 pandemic, Mizuho analysts see a multiyear revenue benefit for Western industrials. But companies that enable manufacturing automation, including Emerson, follow closely behind as "core beneficiaries" of the reindustrialization cycle, according to Mizuho. Meanwhile, Mizuho pointed to Honeywell as one of the companies offering a more diversified way for investors to gain reshoring exposure. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Stanley Black, Decker, Mizuho, Wall, Emerson, Eaton, Hubbell, Emerson —, —, Reshoring, Frank Dellaquila, Rockwell, Jim Cramer's, Jim Cramer, Jim, Timothy Aeppel Organizations: Mizuho, Emerson, Honeywell International, Honeywell, Emerson Electric, Stanley, Western, National, Rockwell Automation, Citigroup, Citi, Caterpillar, Linde, LIN, U.S . Companies, Taiwan Semiconductor Manufacturing Company, CAT, CNBC, Workers, Emerson Electric Co Locations: U.S, North Carolina, Mizuho, Marshalltown , Iowa

☆ Pfizer, Moderna and Novavax gear up for fall Covid vaccine rollout with an important head start
▼ + stars: | 2023-06-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +4 min

But facing pressure to deliver new shots by the fall, Pfizer, Moderna and Novavax began development on versions of their vaccines targeting XBB.1.5 months before the FDA's decision. That doesn't include Johnson & Johnson , a once-leading Covid vaccine developer. Moderna expects a minimum of $5 billion in revenue from its Covid vaccine, its only available product. The cash-strapped company won U.S. approval for its Covid vaccine under emergency use just last year due to regulatory and manufacturing delays. The company hopes to rake in $1.06 billion to $1.24 billion in sales of its Covid vaccine this year.

Persons: Novavax, Dr, Melinda Wharton, Johnson Organizations: Chicago Department of Public Health, Southwest Senior Center, The U.S . Food, Pfizer, Moderna, FDA, Centers for Disease Control, National Center, Manufacturers, U.S, Moderna's Locations: COVID, Chicago , Illinois, The U.S, Novavax, U.S

The International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) employer group declined comment. Manufacturers, automakers and food producers which import or export goods also rely on the West Coast ports. "We urge the parties to quickly ratify the tentative agreement to bring certainty back to the West Coast ports," Shay said. Many of the ports' customers shifted a portion of their cargo to ocean trade gateways on the East Coast and Gulf Coast to avoid potential slowdowns from the Pacific Coast labor talks. After 72 hours, the ILWU and PMA hammered out a deal and credited Su with assisting in the efforts.

Persons: Labor Julie Su, Joe Biden, Suzanne Clark, Matthew Shay, Shay, Su, Lisa Baertlein, Barbara Lewis, Grant McCool, Deepa Babington Organizations: ANGELES, U.S ., Labor, Wall Street, Warehouse Union, Pacific Maritime Association, Biden, U.S . Chamber of Commerce, Walmart, Manufacturers, National Retail Federation, Pacific, PMA, Thomson Locations: WASHINGTON, U.S . West Coast, West Coast, U.S, COVID, West, East Coast, Gulf, San Francisco, Los Angeles, Long Beach, Oakland, Seattle, Washington

June 14 (Reuters) - The Longshore union and employers of 22,000 dockworkers at U.S. West Coast ports on Wednesday said they have reached a tentative deal on a new six-year contract, ending 13 months of talks and easing supply chain worries. "The tentative agreement delivers important stability for workers, for employers and for our country's supply chain," Su said in a statement on Wednesday. The tentative deal comes as retailers like Walmart (WMT.N) and Target (TGT.N) are starting to land merchandise for the critical back-to-school, Halloween and Christmas retail shopping seasons. Manufacturers, automakers and food producers who import or export goods also rely on the Pacific Coast ports. West Coast port market share dipped after some customers shifted cargo to rival East Coast and Gulf Coast ports to avoid potential labor disruptions during the negotiations.

Persons: Julie Su, Joe Biden, Su, James McKenna, Willie Adams, Gene Seroka, Lisa Baertlein, Kanjyik Ghosh, Christopher Cushing, Michael Perry, Simon Cameron, Moore Organizations: ., U.S, Labor, Warehouse Union, Pacific Maritime Association, ILWU International, West Coast, Los Angeles, Walmart, Manufacturers, East, Port of Los Angeles, Twitter, Thomson Locations: . West Coast, San Francisco, California, Washington State, Long, United States, West Coast, East Coast, Gulf Coast, Panama, China, Port of, Los Angeles, Bengaluru

LONDON, June 2 (Reuters) - U.S. manufacturing and freight activity has declined for seven months running, reflected in falling consumption of diesel and other distillate fuel oils as well as industrial electricity sales. Chartbook: U.S. manufacturing and energy useBecause manufacturing output is closely correlated with consumption of distillate fuel oils and industrial electricity use, the downturn is filtering through into significant reductions in energy consumption. Electricity sales to industrial customers also fell in seven of the eight months ending in February 2023, again the most recent data available (“Monthly energy review”, EIA, May 25). Between December 2022 and February 2023, industrial power sales were down more 2.4% compared with a year earlier (14th percentile for all three-month periods since 1980). Only the residual strength of service sector spending has so far prevented the “industrial recession” becoming a whole-economy recession.

Persons: John Kemp, David Evans Organizations: Manufacturers, Institute for Supply Management, “ Petroleum, U.S . Energy Information Administration, U.S, Thomson, Reuters Locations: U.S

☆ U.S. Manufacturers Seek China Alternatives as Tensions Rise
▼ + stars: | 2023-05-31 | by ( John Keilman | Photographs Tim Gruber For The Wall Street Journal | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

LONDON, May 31 (Reuters) - U.S. domestic banks reported a widespread tightening of lending standards by the end of the first quarter of 2023 - even before the full impact of the regional banking crisis had been felt. The net percentage of domestic banks tightening standards for commercial and industrial (C&I) loans to small businesses with annual sales below $50 million hit +47% at the end of the first quarter. The net percentage tightening small business C&I standards has risen to levels usually associated with recession, based on past results from the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS). Banks are likely pre-empting a slowdown in the business cycle and increase in unemployment, widely expected since late 2022, which will increase defaults. As the price of credit increases and its availability becomes more restricted, the slowdown in small business and household spending will act as another headwind for the economy.

Persons: Banks, John Kemp, Sharon Singleton Organizations: Federal Reserve, Senior, Bank Lending, Thomson, Reuters Locations: U.S

☆ Safest summer sunscreens for 2023, according to the Environmental Working Group
▼ + stars: | 2023-05-23 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +9 min

In 2019, oxybenzone was an ingredient in 60% of all sunscreen products tested by EWG, dropping to 30% in 2022. Best sunscreen by useFor the 2023 report, EWG tested and ranked over 1,700 sunscreen products for their safety and effectiveness, grouping the results by use. In addition to chemicals, there are two types of mineral ingredients listed in the guide that the FDA said are safe and effective: titanium dioxide and zinc oxide. “Consumers need to have confidence that the sunscreen products they use meet international standards,” Swei said. Another plus — mineral ingredients don’t appear to harm the environment.

Persons: CNN —, ”, Emily Spilman, oxybenzone, EWG, David Andrews, EWG’s, Spilman, Homer Swei, ” Swei, ” Spilman, Oxybenzone, —, sunscreens, Alexandra Kowcz Organizations: CNN, Food and Drug Administration, Science, Environmental, Products, FDA, Healthy, EWG, sunscreens, European Union, Canada, US Environmental Protection Agency, National Toxicology Program, Skin Cancer Foundation, US Food and Drug Administration, Research, Care Products Council Locations: sunscreens, oxybenzone, EWG

Outright short positions have mushroomed by 68% to 58,157 contracts in the space of three weeks. Outright long positions have been scaled back to 41,987 contracts, almost half the level of the February peak when investors were betting on a full-throttle post-COVID recovery in China. Fund managers are now net short of CME copper to the tune of 16,170 contracts, the largest collective bear bet since August last year. Investment funds have slashed their net long positioning from 25,737 contracts on April 14 to just 4,813 contracts as of May 5. Investment funds slash LME copper long positions as mood turns bearishWEAK RECOVERYChina's recovery from the stringent zero-COVID policy of last year has so far fallen short of expectations from a metals perspective.

☆ Companies are betting on a demand rebound in second half of year, DHL says
▼ + stars: | 2023-05-11 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

That marks the second consecutive month that U.S. imports increased and are higher than 2019 levels, according to data provided to CNBC from Descartes Datamyne, a global trade data platform. The combination of a slow ramp up from "Zero Covid" in China and the reopening of manufacturing plants in the country delayed exports. The top Vietnamese imports in the latest data are wrought iron fencing and plant stands, imported for companies including Home Depot. Black jewelry bags for Zales and men's and boy's t-shirts for Nike rounded out the list of U.S. imports data from China, Vietnam, Thailand, and India reviewed by CNBC. In April, the trade data shows that vitamins and containers of pencils were bound from India to Walmart , and zip polos and t-shirts for Guess .

Cromwell’s rule plays an important formal role in Bayesian statistics but it is important for any exercise in prediction and analysis. SOFT LANDING CONDITIONSI have written elsewhere the global economy is on course for a significant mid-cycle slowdown if not a cycle-ending recession. Multiple conditions would need to be satisfied, and none violated, for a soft landing to occur. The soft landing scenario is so tricky to pull off and therefore so improbable it has been called “immaculate disinflation” by some forecasters. Nevertheless, the probability of a soft landing is far from zero.

Observers often disagree at the time whether the economy is already in recession, and sometimes afterwards whether a recession has occurred or just a “soft patch” in an otherwise uninterrupted business cycle expansion. But the same surveys show the much larger service sector still reporting marginal growth, keeping the economy as a whole out of recession so far. Chartbook: U.S. economic indicatorsThe Institute for Supply Management's (ISM) service sector index stood at 51.9 in April (with more businesses reporting expanding activity than contraction) compared with a manufacturing sector index of just 47.1. In April, the ISM services index was in only the 15th percentile for all months since 1997 compared with the manufacturing index in only the 9th percentile. If the manufacturing sector has already fallen into recession, the services sector is only just avoiding it at the moment.

LONDON, May 4 (Reuters) - U.S. manufacturing and freight activity has declined for six months running, which is being reflected in falling consumption of diesel and other distillate fuel oils as well as industrial electricity sales. The index has fallen to levels that have coincided with a significant mid-cycle downturn in industrial activity or a cycle-ending recession in the past. Chartbook: U.S. diesel and electricity useBecause manufacturing output is closely correlated with consumption of distillate fuel oils and industrial electricity use, the downturn is filtering through into significant reductions in energy consumption. Between November and January, industrial electricity sales were down by an average of 3% compared with a year earlier (12th percentile for all three-month periods since 1980). Related columns:- Hard-ish landing has already arrived for U.S. manufacturers (April 4, 2023)- U.S. diesel consumption falls as economy slows (March 1, 2023)John Kemp is a Reuters market analyst.

☆ Senate Votes to Disapprove of Biden Solar Tariff Exemption
▼ + stars: | 2023-05-03 | by ( David Harrison | ) www.wsj.com time to read: 1 min

Lawmakers who oppose the solar-tariff exemption say it harms U.S. manufacturers. Photo: Mario Tama/Getty ImagesThe Senate voted 56-41 on Wednesday to block a move by the Biden administration to temporarily remove tariffs on solar materials imported from Southeast Asia, sending the measure to President Biden’s desk for an expected veto. Nine Democrats sided with Republicans in favor of the resolution, while one GOP lawmaker, Sen. Rand Paul of Kentucky, voted against the measure. The Senate’s vote follows the House’s passage of the measure by a vote of 221-202 with 12 Democrats in support.

☆ Apple and Google team up to curb stalking and unwanted tracking enabled by AirTags and other Bluetooth devices
▼ + stars: | 2023-05-03 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

Apple and Google released a proposal with software fixes to unwanted tracking by Bluetooth devices. The system would alert a user's phone if it detects a nearby tracker that has been separated from its owners device. Apple and Google are combining forces to stop the use of Bluetooth tracking devices like AirTags for stalking people without their consent. The two tech giants released a proposal Tuesday outlining standards to ensure products like the Apple AirTag and similar tech gadgets aren't misused for stalking and unwanted tracking. "These draft standards to allow detection of unwanted trackers is a significant step forward in the work to increase safety and privacy."

☆ Kroger will stop mailing weekly grocery advertisements in newspapers
▼ + stars: | 2023-05-02 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Atlanta CNN —Kroger, the largest grocery chain in the United States, is ditching its long-running weekly newspaper ad circulars announcing the latest grocery specials. The ads for Kroger (KR) stores and subsidiaries, including Ralphs, Fred Meyer and King Soopers, will shift online. “Kroger is joining many retailers in shifting the way our weekly ads are distributed,” a spokesperson told CNN. The move could deal a blow to shoppers who plan their store trips based on weekly newspaper ads. Some companies, such as Walgreens (WBA), stopped printing coupon catalogs and moved their weekly advertisements online.

☆ Markets Sink on Fears About Banks and Weaker Economic Outlook
▼ + stars: | 2023-05-02 | by ( Joe Rennison | ) www.nytimes.com time to read: +1 min

Stocks slumped on Tuesday, as fears for the health of the financial sector after the collapse of First Republic Bank collided with broader anxiety over signs of a weakening economy. PacWest lost a third of its value in the first hour of trading, it’s worst single-day drop since the height of the bank turmoil in March. Western Alliance sank nearly 20 percent, while Comerica and Zions bank both suffered double-digit percentage declines. Oil prices fell sharply, too, as the prospects of an economic downturn would likely cut energy demand. The price of a barrel of Brent crude, the international benchmark, dropped to around $76, close to its lowest level for the year.

☆ A solid start to earnings season will be put to the test in the week ahead
▼ + stars: | 2023-04-29 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.

LONDON, April 27 (Reuters) - Global freight volumes fell at some of the fastest rates for three decades earlier this year, but at the end of the first quarter showed signs of bottoming out. Global freight has been hit by excess inventories held all along the supply chain as consumer and business spending has reverted from merchandise to services after the pandemic. But the most recent data, albeit only covering a small number of transport hubs, shows freight volumes may have stabilised or improved at the very end of the first quarter. Chartbook: Global freight volumesThe port of Singapore’s container throughput climbed to a record high of 3.34 million twenty-foot equivalent units (TEUs) in March. Related columns:- Hard-ish landing has already arrived for U.S. manufacturers (April 4, 2023)- Global freight slump deepens at the start of 2023 (March 21, 2023)John Kemp is a Reuters market analyst.

☆ US must stem 'iron river' of guns flowing to Latin America, activists say
▼ + stars: | 2023-04-18 | by ( Sarah Morland | ) www.reuters.com time to read: +2 min

April 18 (Reuters) - U.S. guns, many of them exported legally, are flowing into Latin America in an "iron river" ending in the hands of drug cartels and abusive security forces, activists said Monday, calling for greater oversight from U.S. law and federal agencies. More than half of "crime guns" recovered and traced in Central America are sourced from the United States, according to U.S. gun control agency ATF. Burke called for rules preventing manufacturers from selling to dealers with lax distribution practices. Manufacturers should also stop selling armor-piercing weapons and guns that can easily be modified to shoot hundreds of bullets at a time, she said. U.S government figures show last year that income from legal firearm shipments to Latin America increased 8%, with most sales going to Brazil, Mexico, Guatemala and Colombia.

☆ U.S. sanctions Turkey-based entities it says helped Russia's war
▼ + stars: | 2023-04-12 | by ( Jonathan Spicer | ) www.reuters.com time to read: +2 min

ISTANBUL, April 12 (Reuters) - The United States on Wednesday imposed sanctions on at least four Turkey-based entities it said violated U.S. export controls and helped Russia's war effort, in the biggest U.S. enforcement action in Turkey since the invasion of Ukraine last year. The designations - which included an electronics company and a technology trader alleged to have helped transfer "dual-use" goods - were part of a global sanctions package on more than 120 entities announced by the U.S. Treasury. A U.S. administration official told Reuters the sanctions targeted entities and people in Turkey's maritime and trade sectors that were "primarily" Russia-owned or Russia-linked. NATO member Turkey has sought to maintain good relations with both Moscow and Kyiv during the Ukraine war. It opposes the Western sanctions on principle but has said they will not be circumvented in Turkey and that no shipped products can be used by Russia's military.

☆ White House plans support for drugstores, pharma in abortion pill battle
▼ + stars: | 2023-04-09 | by ( Nandita Bose | ) www.reuters.com time to read: +4 min

"We are discussing ways to offer them legal support," one of the sources said of manufacturers and retail pharmacies. Major U.S. manufacturers of abortion pills include GenBioPro Inc and Danco Laboratories. Walgreens said in March it would not dispense abortion pills in the 20 states where it risked breaking the law. Discussions between the Biden administration and pill manufacturers and pharmacies over the issue have been ongoing for months, sources said, but Friday's decision brings fresh urgency. It is unclear whether the administration is considering following in California Governor Gavin Newsom's footsteps by withholding federal contracts from chains that suspend abortion pill sales.

☆ Take Five: An uneasy calm
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +5 min

Kazuo Ueda takes over the helm at the Bank of Japan while U.S. bank earnings kick off and Switzerland's parliament debates the UBS-Credit Suisse tie up. 1/ BANKS' BOTTOM LINESThe uneasy calm that has settled over the U.S. banking sector after the collapse of Silicon Valley Bank will be tested as U.S. financials kick off their earnings season. S&P 500 earnings are predicted to fall 5.0%, I/B/E/S data from Refinitiv showed. Reuters Graphics5/ SPRING MEETINGSPolicymakers and investors head to Washington for the World Bank and International Monetary Fund Spring meetings starting on Monday. It will be the first meeting for Ajay Banga, U.S. nominee to run the World Bank and sole contender for the job.

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